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MAS responds to Iceberg on Noble Group

The Monetary Authority of Singapore (MAS) responded to Iceberg a day after its accusation that the saga involving beleaguered Noble Group was a "complete failure" on the part of regulators.

PHOTO: ST FILE

THE Monetary Authority of Singapore (MAS) responded to Iceberg a day after its accusation that the saga involving beleaguered Noble Group was a "complete failure" on the part of regulators.

In a statement, MAS said that it "will not hesitate to take the necessary enforcement actions" should it uncover any violations of regulations through its own investigations.

A spokesman said: "MAS will also investigate potential breaches of the law that have been referred to us."

In a post on its website on Thursday, Iceberg Research had harsh words for both the Singapore Exchange (SGX) and MAS. It had noted that the SGX had issued only "trade with caution" notices on Noble and mentioned that it was closely monitoring the situation. It added that SGX and MAS should not have allowed Noble to raise more money on a balance sheet that has attracted questions over its veracity.